TTCU Announces Second Quarter Member Rewards
TTCU Federal Credit Union announced that it paid $744,713 in member reward dividends at the end of the second quarter. Year-to-date, TTCU has distributed $1.5 million in member rewards.
"Businesses answer to their shareholders, but as a credit union, we answer to our members and share profits with our members," TTCU CEO and President Tim Lyons said. "Being a not-for-profit institution makes a difference in how we treat each and every member who interacts with TTCU."
Members are considered owners of the credit union. At the end of each quarter, a member's participation level and account balances are combined to determine their rewards level and any dividends.
Several factors played into the healthy second quarter disbursement, including the rebound of the Oklahoma economy in recent months.
"The improving credit quality of TTCU's consumer loan portfolio led to a significant reduction in delinquent accounts," TTCU Chief Financial and Technology Officer Shelby Beil said. "Also, the growth in checking accounts and high usage of TTCU school pride cards resulted in extra income."
Interest revenue increased due to a refinance initiative that brought in new members, while TTCU also saw an increase in current members financing boats and RV's. The May 2018 opening of the new downtown Tulsa branch in the historic Philcade building also helped with TTCU's ongoing membership and account growth.
Past dividend rates are not a guarantee of future dividend rates.
Rewards dividend requirements are available online.